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Business News/ Money / Personal Finance/  Employment situation improving? EPFO net subscribers’ addition grows to 1.65 crore in fiscal 24
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Employment situation improving? EPFO net subscribers’ addition grows to 1.65 crore in fiscal 24

In last 6 and half years, over 6.1 crore members joined the EPFO fold. The net addition in EPFO subscriptions shows the extent of formalisation of the job market and the coverage of social security benefits to the organised/semi-organised sector workforce

The net subscribers’ addition by the body increased by over 19 per cent to 1.65 crore in 2023-24 compared with 1.38 crore in 2022-23Premium
The net subscribers’ addition by the body increased by over 19 per cent to 1.65 crore in 2023-24 compared with 1.38 crore in 2022-23

Employees’ Provident Fund Organisation (EPFO) reported more than 19 per cent growth year-on-year to 1.65 crore members in fiscal 2024, the latest payroll data shows, showing improvement in the employment situation in the country, reported Press Trust of India

“In last 6 and half years alone, more than 6.1 crore members joined the EPFO fold, indicating formalisation of the job market," a Labour Ministry official said.

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The data show that the EPFO had added 61.12 lakh net subscribers in 2018-19, which rose to 78.58 lakh in 2019-20. However, it dipped to 77.08 lakh in 2020-21, mainly due to the pandemic impact and improved again to 1.22 crore in 2021-22 and 1.38 crore in 2022-23. 

The official said the EPF net subscribers’ addition by the body increased by over 19 per cent to 1.65 crore in 2023-24 compared with 1.38 crore in 2022-23. 

The net addition in EPFO subscriptions shows the extent of formalisation of the job market and the coverage of social security benefits to the organised/semi-organised sector workforce, the official opined.

ALSO READ: EPFO Pension Rules: 5 key things you need to know for financial security

During the Covid-19 pandemic, the net addition to EPFO subscriptions fell and turned negative in April-May 2020.

With the easing of restrictions, the EPFO subscriptions bounced back fast, reaching 12.2 lakh in September 2020, he noted.

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Published: 21 Apr 2024, 10:30 AM IST
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